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Eight in 10 financial institutions rate sustainability above 7
Published March 24, 2026
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New survey shows Brazilian capital markets are becoming more mature on ESG and expect further growth in sustainable funds and labeled bonds
Sustainability remains widely recognized as a highly relevant issue in Brazil’s financial and capital markets. That is the main finding of the fourth edition of A Landscape of Sustainability in the Brazilian Capital Market, a survey conducted by Anbima, the Brazilian Financial and Capital Markets Association, in partnership with Datafolha.
According to the survey, 80% of financial institutions gave sustainability a score above 7 in terms of importance, while 63% said the topic has become more relevant over the past 12 months.
“The findings show that sustainability is becoming increasingly embedded in institutions’ strategies, although progress is unfolding at different speeds depending on each firm’s segment and size,” said Cacá Takahashi, Anbima director and coordinator of the Anbima Sustainability Network. “Understanding the different levels of engagement and maturity is essential for designing initiatives that effectively support the market’s evolution.”
The survey also points to a more mature understanding of the issue. Most firms, 87%, disagreed with the idea that sustainability is limited to foreign markets. In addition, 74% of institutions do not believe the topic has been overestimated or given more importance than it deserves.
The study groups institutions into five ESG maturity stages, covering environmental, social and governance issues:
Skeptical (7%): sees sustainability as a business obstacle and still shows doubts or misconceptions about the issue
Distant (38%): has a simplified view of sustainability, focused mainly on environmental issues
Beginner (16%): has started to structure actions, but still in a limited and mostly environmental way
Emerging (28%): understands sustainability as a broad ESG commitment
Engaged (11%): integrates ESG into strategy, with consistency between discourse and practice
The biggest change since the previous edition, released in 2021, came among firms in the beginner stage, whose share fell by half, from 32% to 16%. The results suggest these institutions moved in two directions: some advanced into more mature stages, while others shifted toward profiles that remain less aligned with the topic.
Even though the distant and skeptical groups still account for a large share of the market, at 45%, the strongest growth came among the more advanced profiles. Together, emerging and engaged institutions rose by 10 percentage points from 2021, reaching 39% of the market.
Banks and firms with larger assets under management lead in maturity
The analysis also shows that ESG maturity is not evenly distributed across the industry. Banks are the most advanced segment, with 52% concentrated in the two most mature profiles, reflecting more structured practices. In this group, for example, 83% publish ESG performance reports regularly, compared with just 20% of asset managers and 39% of other institutions.
Engagement also varies according to assets under management. Among firms with net assets above R$50 billion, nearly all fall into the emerging or engaged categories, suggesting that the larger the institution, the higher the level of ESG engagement.
A similar pattern appears when firm size is measured by headcount. Smaller firms, with up to 10 employees, account for 59% of the least mature profiles. Among those with more than 51 employees, meanwhile, a majority, 53%, are classified as emerging or engaged.
Because asset managers account for most of the sample, 74% of respondents, the survey also provides a closer look at that segment. The results show that these firms have been incorporating sustainability into their policies, processes and decision-making. More than half, 55%, already have formal responsible investment policies, and 56% have some dedicated ESG structure in place. In addition, 78% take ESG factors into account when making investment decisions.
One notable finding is that four in 10 asset managers said they had excluded or decided not to invest in assets due to poor ESG performance. “This trend reinforces how environmental, social and governance factors directly affect capital allocation, asset selection and pricing,” Takahashi said.
The survey also shows progress in portfolio analysis. The share of asset managers assessing more than half of their portfolios using ESG criteria rose from 27% in 2018 to 41% in 2021 and 47% in 2025.
Among the ESG criteria most often considered in portfolio analysis, the main ones are:
Transparency (88%)
Ethics (87%)
Information security (76%)
Board quality (68%)
In terms of methodology, negative screening leads with 46%, followed by best-in-class selection at 41%. For 51% of asset managers, the main driver behind ESG adoption is risk management.
“The findings show a market that is more aware and better prepared to integrate ESG into its practices,” Takahashi said. “The challenge from here is to ensure that this progress continues and remains aligned with the demands of investors, regulation and society.”
The outlook for the next 12 months is positive. According to the survey, one in three institutions, 33%, plans to structure or manage sustainable funds over that period, while 26% intend to invest in or structure labeled or thematic bonds.
That growing interest is consistent with the market’s broader expectations. Overall, 68% of respondents believe sustainability will become even more relevant over the next year.
About the survey
The fourth edition of A Landscape of Sustainability in the Brazilian Capital Market interviewed 206 institutions that are either members of Anbima or follow the association’s self-regulatory rules, in order to assess how they perceive and integrate ESG practices into their structures and decisions. Of the total, 74% are asset managers, 11% are banks and 15% are other institutions, including brokerages, distributors and securitization firms.
The survey is part of the Anbima Sustainability Network and the institutional agenda of Anbima in Action 2026, the association’s set of priority goals for this year. The plan is built around three main fronts: market development, institutional strengthening and transformation.
Eight in 10 financial institutions rate sustainability above 7
Published March 24, 2026
To share
New survey shows Brazilian capital markets are becoming more mature on ESG and expect further growth in sustainable funds and labeled bonds
Sustainability remains widely recognized as a highly relevant issue in Brazil’s financial and capital markets. That is the main finding of the fourth edition of A Landscape of Sustainability in the Brazilian Capital Market, a survey conducted by Anbima, the Brazilian Financial and Capital Markets Association, in partnership with Datafolha.
According to the survey, 80% of financial institutions gave sustainability a score above 7 in terms of importance, while 63% said the topic has become more relevant over the past 12 months.
“The findings show that sustainability is becoming increasingly embedded in institutions’ strategies, although progress is unfolding at different speeds depending on each firm’s segment and size,” said Cacá Takahashi, Anbima director and coordinator of the Anbima Sustainability Network. “Understanding the different levels of engagement and maturity is essential for designing initiatives that effectively support the market’s evolution.”
The survey also points to a more mature understanding of the issue. Most firms, 87%, disagreed with the idea that sustainability is limited to foreign markets. In addition, 74% of institutions do not believe the topic has been overestimated or given more importance than it deserves.
The study groups institutions into five ESG maturity stages, covering environmental, social and governance issues:
Skeptical (7%): sees sustainability as a business obstacle and still shows doubts or misconceptions about the issue
Distant (38%): has a simplified view of sustainability, focused mainly on environmental issues
Beginner (16%): has started to structure actions, but still in a limited and mostly environmental way
Emerging (28%): understands sustainability as a broad ESG commitment
Engaged (11%): integrates ESG into strategy, with consistency between discourse and practice
The biggest change since the previous edition, released in 2021, came among firms in the beginner stage, whose share fell by half, from 32% to 16%. The results suggest these institutions moved in two directions: some advanced into more mature stages, while others shifted toward profiles that remain less aligned with the topic.
Even though the distant and skeptical groups still account for a large share of the market, at 45%, the strongest growth came among the more advanced profiles. Together, emerging and engaged institutions rose by 10 percentage points from 2021, reaching 39% of the market.
Banks and firms with larger assets under management lead in maturity
The analysis also shows that ESG maturity is not evenly distributed across the industry. Banks are the most advanced segment, with 52% concentrated in the two most mature profiles, reflecting more structured practices. In this group, for example, 83% publish ESG performance reports regularly, compared with just 20% of asset managers and 39% of other institutions.
Engagement also varies according to assets under management. Among firms with net assets above R$50 billion, nearly all fall into the emerging or engaged categories, suggesting that the larger the institution, the higher the level of ESG engagement.
A similar pattern appears when firm size is measured by headcount. Smaller firms, with up to 10 employees, account for 59% of the least mature profiles. Among those with more than 51 employees, meanwhile, a majority, 53%, are classified as emerging or engaged.
Because asset managers account for most of the sample, 74% of respondents, the survey also provides a closer look at that segment. The results show that these firms have been incorporating sustainability into their policies, processes and decision-making. More than half, 55%, already have formal responsible investment policies, and 56% have some dedicated ESG structure in place. In addition, 78% take ESG factors into account when making investment decisions.
One notable finding is that four in 10 asset managers said they had excluded or decided not to invest in assets due to poor ESG performance. “This trend reinforces how environmental, social and governance factors directly affect capital allocation, asset selection and pricing,” Takahashi said.
The survey also shows progress in portfolio analysis. The share of asset managers assessing more than half of their portfolios using ESG criteria rose from 27% in 2018 to 41% in 2021 and 47% in 2025.
Among the ESG criteria most often considered in portfolio analysis, the main ones are:
Transparency (88%)
Ethics (87%)
Information security (76%)
Board quality (68%)
In terms of methodology, negative screening leads with 46%, followed by best-in-class selection at 41%. For 51% of asset managers, the main driver behind ESG adoption is risk management.
“The findings show a market that is more aware and better prepared to integrate ESG into its practices,” Takahashi said. “The challenge from here is to ensure that this progress continues and remains aligned with the demands of investors, regulation and society.”
The outlook for the next 12 months is positive. According to the survey, one in three institutions, 33%, plans to structure or manage sustainable funds over that period, while 26% intend to invest in or structure labeled or thematic bonds.
That growing interest is consistent with the market’s broader expectations. Overall, 68% of respondents believe sustainability will become even more relevant over the next year.
About the survey
The fourth edition of A Landscape of Sustainability in the Brazilian Capital Market interviewed 206 institutions that are either members of Anbima or follow the association’s self-regulatory rules, in order to assess how they perceive and integrate ESG practices into their structures and decisions. Of the total, 74% are asset managers, 11% are banks and 15% are other institutions, including brokerages, distributors and securitization firms.
The survey is part of the Anbima Sustainability Network and the institutional agenda of Anbima in Action 2026, the association’s set of priority goals for this year. The plan is built around three main fronts: market development, institutional strengthening and transformation.
Eight in 10 financial institutions rate sustainability above 7
Published March 24, 2026
To share
New survey shows Brazilian capital markets are becoming more mature on ESG and expect further growth in sustainable funds and labeled bonds
Sustainability remains widely recognized as a highly relevant issue in Brazil’s financial and capital markets. That is the main finding of the fourth edition of A Landscape of Sustainability in the Brazilian Capital Market, a survey conducted by Anbima, the Brazilian Financial and Capital Markets Association, in partnership with Datafolha.
According to the survey, 80% of financial institutions gave sustainability a score above 7 in terms of importance, while 63% said the topic has become more relevant over the past 12 months.
“The findings show that sustainability is becoming increasingly embedded in institutions’ strategies, although progress is unfolding at different speeds depending on each firm’s segment and size,” said Cacá Takahashi, Anbima director and coordinator of the Anbima Sustainability Network. “Understanding the different levels of engagement and maturity is essential for designing initiatives that effectively support the market’s evolution.”
The survey also points to a more mature understanding of the issue. Most firms, 87%, disagreed with the idea that sustainability is limited to foreign markets. In addition, 74% of institutions do not believe the topic has been overestimated or given more importance than it deserves.
The study groups institutions into five ESG maturity stages, covering environmental, social and governance issues:
Skeptical (7%): sees sustainability as a business obstacle and still shows doubts or misconceptions about the issue
Distant (38%): has a simplified view of sustainability, focused mainly on environmental issues
Beginner (16%): has started to structure actions, but still in a limited and mostly environmental way
Emerging (28%): understands sustainability as a broad ESG commitment
Engaged (11%): integrates ESG into strategy, with consistency between discourse and practice
The biggest change since the previous edition, released in 2021, came among firms in the beginner stage, whose share fell by half, from 32% to 16%. The results suggest these institutions moved in two directions: some advanced into more mature stages, while others shifted toward profiles that remain less aligned with the topic.
Even though the distant and skeptical groups still account for a large share of the market, at 45%, the strongest growth came among the more advanced profiles. Together, emerging and engaged institutions rose by 10 percentage points from 2021, reaching 39% of the market.
Banks and firms with larger assets under management lead in maturity
The analysis also shows that ESG maturity is not evenly distributed across the industry. Banks are the most advanced segment, with 52% concentrated in the two most mature profiles, reflecting more structured practices. In this group, for example, 83% publish ESG performance reports regularly, compared with just 20% of asset managers and 39% of other institutions.
Engagement also varies according to assets under management. Among firms with net assets above R$50 billion, nearly all fall into the emerging or engaged categories, suggesting that the larger the institution, the higher the level of ESG engagement.
A similar pattern appears when firm size is measured by headcount. Smaller firms, with up to 10 employees, account for 59% of the least mature profiles. Among those with more than 51 employees, meanwhile, a majority, 53%, are classified as emerging or engaged.
Because asset managers account for most of the sample, 74% of respondents, the survey also provides a closer look at that segment. The results show that these firms have been incorporating sustainability into their policies, processes and decision-making. More than half, 55%, already have formal responsible investment policies, and 56% have some dedicated ESG structure in place. In addition, 78% take ESG factors into account when making investment decisions.
One notable finding is that four in 10 asset managers said they had excluded or decided not to invest in assets due to poor ESG performance. “This trend reinforces how environmental, social and governance factors directly affect capital allocation, asset selection and pricing,” Takahashi said.
The survey also shows progress in portfolio analysis. The share of asset managers assessing more than half of their portfolios using ESG criteria rose from 27% in 2018 to 41% in 2021 and 47% in 2025.
Among the ESG criteria most often considered in portfolio analysis, the main ones are:
Transparency (88%)
Ethics (87%)
Information security (76%)
Board quality (68%)
In terms of methodology, negative screening leads with 46%, followed by best-in-class selection at 41%. For 51% of asset managers, the main driver behind ESG adoption is risk management.
“The findings show a market that is more aware and better prepared to integrate ESG into its practices,” Takahashi said. “The challenge from here is to ensure that this progress continues and remains aligned with the demands of investors, regulation and society.”
The outlook for the next 12 months is positive. According to the survey, one in three institutions, 33%, plans to structure or manage sustainable funds over that period, while 26% intend to invest in or structure labeled or thematic bonds.
That growing interest is consistent with the market’s broader expectations. Overall, 68% of respondents believe sustainability will become even more relevant over the next year.
About the survey
The fourth edition of A Landscape of Sustainability in the Brazilian Capital Market interviewed 206 institutions that are either members of Anbima or follow the association’s self-regulatory rules, in order to assess how they perceive and integrate ESG practices into their structures and decisions. Of the total, 74% are asset managers, 11% are banks and 15% are other institutions, including brokerages, distributors and securitization firms.
The survey is part of the Anbima Sustainability Network and the institutional agenda of Anbima in Action 2026, the association’s set of priority goals for this year. The plan is built around three main fronts: market development, institutional strengthening and transformation.
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